FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2019

The following tables summarize the bases used to measure certain assets and liabilities at fair value on a recurring basis:



Basis of Fair Value Measurements on a Recurring Basis	Mar 31, 2019						Dec 31, 2018
	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Total		Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Total
In millions
Assets at fair value:
Cash equivalents ¹	$	—	$	345	$	345	$	—	$	566	$	566
Marketable securities	—		101		101		—		100		100
Equity securities ²	21		—		21		16		—		16
Debt securities: ²
Government debt ³	—		702		702		—		700		700
Corporate bonds	19		1,054		1,073		—		983		983
Derivatives relating to: ⁴
Foreign currency	—		189		189		—		226		226
Commodities	10		90		100		17		93		110
Total assets at fair value	$	50	$	2,481	$	2,531	$	33	$	2,668	$	2,701
Liabilities at fair value:
Long-term debt including debt due within one year ⁵	$	—	$	20,850	$	20,850	$	—	$	20,214	$	20,214
Derivatives relating to: ⁴
Interest rates	—		181		181		—		64		64
Foreign currency	—		117		117		—		149		149
Commodities	13		155		168		23		189		212
Total liabilities at fair value	$	13	$	21,303	$	21,316	$	23	$	20,616	$	20,639


1.	Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" in the consolidated balance sheets and held at amortized cost, which approximates fair value.


2.	TDCC’s investments in debt securities, which are primarily available-for-sale, and equity securities are included in “Other investments” in the consolidated balance sheets.


3.	U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations.


4.	See Note 15 for the classification of derivatives in the consolidated balance sheets.


5.	See Note 15 for information on fair value measurements of long-term debt.